Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 13 Executive Summary Revenue and net profit have growth according to the business plan In 2Q18, the Thai

. The consolidated net profit for 3Q19 totaled Baht 1,610 million, an increase of 9.5% from Baht 1,471 million from the previous quarter of 2Q19. When comparing yoy, the net income for 3Q19 increased by

profit for 3Q19 totaled Baht 1,610 million, an increase of 9.5% from Baht 1,471 million from the previous quarter of 2Q19. When comparing yoy, the net income for 3Q19 increased by 3.8% comparing to net

fair value through profit or loss (FVTPL)”(Classified as debt instruments according to accounting standard). Given on May 11, 2020, the Federation of Accounting Professions passed the resolution on the

from the acquisition of LQSF in Vietnam as well as consulting fees from other investment projects; 2) lower sales contribution of export pressuring net profit margin; 3) higher depreciation resulted from

24.06 4.43 26.99 6.55 2.93 12.18 Total cost of sales 543.32 100.00 412.35 100.00 (130.97) (24.11) Proportion of cost of sales to sales revenue (%) 32.45 33.00 Gross Profit Margin (%) 67.55 67.00 Note: /1

increased by 56.0%(y-o-y) and 88.5% (y-o-y) respectively. Due to the growth rate of total revenue in Q3/2019 was of 1. 8%(y-oy) while the growth rate of total expenses was of 13.9%(y-o-y), then the Net profit

13,370 12,996 374 2.9 Profit before income tax expenses 7,034 6,902 942 15.5 Income tax expenses 1,755 1,189 566 47.6 Profit before share of profit from associates and NCI 5,279 4,903 376 7.7 Share of

of cost of sales to sales revenue (%) 33.00 35.42 Gross Profit Margin (%) 67.00 64.58 Note: /1 Other costs of goods sold mainly comprise warehouse rentals, utility charges and other expenses related to

31.60 Gross profit 60.32 23.51 75.01 22.50 14.69 24.35 Other income 2.92 1.14 4.49 1.35 1.57 53.66 Profit before expenses, finance cost and taxes 64.18 25.01 80.53 24.16 16.35 25.47 Distribution costs